Tech Talk for Thursday February 24th 2022
World equity markets are sharply lower this morning on news that Russia has invaded Ukraine. European equity indices are down 3%-5%.At 7:30 AM EST, S&P 500 futures were down 103 points, gold advanced $49.10 to $1,959.50 per ounce. Crude oil gained $6.55 to $98.65 per barrel.
eBay dropped $4.20 to $50.39 after the company reported a fourth quarter loss. Fourth quarter revenues also were lower than consensus.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/02/clip_image0011-11.png "clip_image001[1]")
NetApp fell $7.58 to $76.51 after releasing fourth quarter guidance below consensus.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/02/clip_image0021-13.png "clip_image002[1]")
Booking Holdings fell $86.83 to $2,383.00 despite reporting a double in fourth quarter revenues.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/02/clip_image0031-12.png "clip_image003[1]")
Wendy's was unchanged at $22.00 after announcing a 4% increase in dividend.
![clip_image003[2]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/02/clip_image0032.png "clip_image003[2]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2022/02/23/stock-market-outlook-for-february-24-2022/
Canadian Association for Technical Analysis Meeting
Reminder: Next zoom meeting is at 8:00 PM EST tonight. Interested in membership? Contact:
Technical Notes released yesterday at
S&P 500 Index testing the neckline to a massive head-and-shoulders topping pattern. equityclock.com/2022/02/22/… $SPX $SPY $ES_F
S&P 500 Index $SPX touched below 4,222.62 extending an intermediate downtrend.
Dow Jones Industrial Average $DJIA moved below 33,150.33 extending an intermediate downtrend.
NASDAQ Composite Index $COMPQ moved below $13,94.65 extending an intermediate downtrend.
U.S. Telecommunications iShares $IYZ moved below $29.55 extending an intermediate downtrend.
AT&T $T an S&P 100 stock moved below $23.56 setting an intermediate downtrend.
Comcast $CMCSA an S&P 100 stock moved below $45.47 extending an intermediate downtrend.
Palladium ETN $PALL moved above $227.53 extending an intermediate uptrend.
Wheat ETN $WEAT moved above $8.31 to a 4.5 year high extending an intermediate uptrend.
Consumer Discretionary SPDRs $XLY moved below $171.48 extending an intermediate downtrend.
Biotech NASDAQ iShares $IBB moved below $122.50 extending an intermediate downtrend.
Silver stocks and related ETFs continue to advance. Hecla Mining $HL moved above $5.91 completing a double bottom pattern.
Water Resources ETF $PHO moved below $50.33 extending an intermediate downtrend.
Bank of New York Mellon $BK an S&P 100 stock moved below $54.85 and $53.78 completing an intermediate topping pattern.
Moderna $MRNA a NASDAQ 100 stock moved below $138.17 and $138.13 extending an intermediate downtrend.
Caterpillar $CAT a Dow Jones Industrial Average stock moved below $190.44 extending an intermediate downtrend.
Ford $F an S&P 100 stock moved below $17.02 extending an intermediate downtrend.
Match Group $MTCH a NASDAQ 100 stock moved below $105.15 extending an intermediate downtrend.
Tesla $TSLA a NASDAQ 100 stock moved below $792.01 extending an intermediate downtrend.
VeriSign $VRSN a NASDAQ 100 stock moved below $204.19 extending an intermediate downtrend.
Fastenal $FAST a NASDAQ 100 stock moved below $50.17 extending an intermediate downtrend.
CDW Corp. $CDW a NASDAQ 100 stock moved below $171.80 extending an intermediate downtrend.
Canadian Pacific $CP.CA a TSX 60 stock moved below Cdn$88.98 setting an intermediate downtrend.
Other Significant Breakdowns
Dow Jones Transportation Average moved below 14,567.00 extending an intermediate downtrend.
Industrial SPDRs moved below $96.94 setting an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Feb.23rd 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for Feb.23rd 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Feb.23rd 2021
Green: Increase from previous day
Red: Decrease from previous day
All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)
Market Buzz
Greg Schnell discusses "Lessons learned: Electric Vehicles one year later". Following is a link:
S&P 500 Momentum Barometers
The intermediate term Barometer plunged 5.01 to 26.05 yesterday. It remains Oversold, but has yet to show signs of bottoming.
The long term Barometer plunged 5.61 to 37.07 yesterday. It changed from Neutral to Oversold on a drop below 40.00, but has yet to show signs of bottoming.
TSX Momentum Barometers
The intermediate term Barometer slipped 3.33 to 48.21 yesterday. It remains Neutral.
The long term Barometers slipped 0.18 to 53.12 yesterday. It remains Neutral.
Disclaimer: Seasonality and technical ratings offered in this report and at
www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed
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